US open: Stocks trade higher after non-farm payrolls come in slightly better-than-expected

Wall Street stocks were in the green early on Friday as market participants digested October's highly anticipated jobs report.

As of 1425 GMT, the Dow Jones Industrial Average was up 0.79% at 36,410.28, while the S&P 500 was 0.71% firmer at 4,713.32 and the Nasdaq Composite came out the gate 0.63% stronger at 16,040.09.

The Dow opened 286.05 points higher on Friday, erasing losses recorded in the previous session.

Friday's primary focus was October's non-farm payrolls report and unemployment rate numbers, with the US jobs growth and unemployment numbers both coming in slightly better-than-expected.

According to the Department of Labor, non-farm payrolls jumped by 531,000 last month, beating forecasts for an increase of 425,000, while the rate of unemployment dropped by two-tenths of a percentage point from the month before to 4.6%.

Economists were looking for an increase in non-farm payrolls of 450,000, an uplift from disappointing the last two months' prints of 366,000 in August and 194,000 in September, and a decline in the unemployment rate to 4.7% last from 4.8% in September.

Still to come, consumer credit change data for September will follow at 1900 GMT.

In the corporate space, Peloton shares were down almost 30% at the bell after the fitness firm posted a much bigger than expected loss and slashed its full-year outlook overnight amid a shift away from at-home workouts and back to gyms, while Pfizer stock advanced after revealing its Covid-19 drug reduced the risk of hospitalisation by 89% when used in conjunction with an HIV drug.

No major earnings were slated for release on Friday.